
Trump Entertainment, the owner of three casinos in Atlantic City that already have been through bankruptcy twice, missed a $53 million interest payment at the start of December, and a creditor-extended grace period to make the defaulted coupon payment expires today. Gambling revenues in Atlantic City plunged the most on record last year amid the recession and competition from slot machines neighboring states.
“Dialog is continuing” on restructuring the company’s capital structure, Chief Financial Officer John Burke said in a court filing. “The bankruptcy will provide a forum for a prompt and efficient restructuring of the” senior notes. The company asked the court to schedule a hearing for tomorrow to consider a series of requests, including approval to pay “critical” pre-bankruptcy creditors such as suppliers and employees.